June 19--The new owner of Randhurst Village plans to expand the shopping center, with an eye on restaurants, furniture stores, fashion retailers and arts-and-crafts stores.
DLC Management, based in Tarrytown, N.Y., closed a deal for the 1 million-square-foot property in Mount Prospect on Thursday. Financial terms of the acquisition from a joint venture that included JPMorgan Chase were not disclosed.
Adam Ifshin, DLC's president and chief executive officer, said one of the reasons he was attracted to the shopping center is that it has vacant land parcels that can be developed, as well as an office building that can be turned into apartments and more retail.
Randhurst Village is an example of the successful redevelopment of a decaying American mall. Once an enclosed mall, which was built in 1962, Randhurst has been turned into an open-air shopping center. Tenants include Costco, Jewel-Osco, Home Depot, Carson Pirie Scott and an AMC movie theater. Ifshin said the center is 92 percent leased.
"The chance to do more development and lease more space created a compelling opportunity for us," he said.
Randhurst Village is the largest asset in DLC's portfolio. The company owns more than 20 million square feet of shopping centers nationally, including centers in Oak Brook, Oak Lawn and Elgin.
asachdev@tribpub.com
